Sinclair Broadcast Group (SBGI) Now Covered by Analysts at Jefferies Group

Jefferies Group began coverage on shares of Sinclair Broadcast Group (NASDAQ:SBGI) in a report issued on Thursday morning. The brokerage issued a buy rating and a $48.00 target price on the stock.

A number of other analysts also recently issued reports on SBGI. ValuEngine downgraded Sinclair Broadcast Group from a buy rating to a hold rating in a research report on Monday, September 11th. Wells Fargo & Company reaffirmed an outperform rating and issued a $55.00 target price on shares of Sinclair Broadcast Group in a research report on Monday, October 2nd. Zacks Investment Research raised Sinclair Broadcast Group from a hold rating to a buy rating and set a $34.00 target price on the stock in a research report on Wednesday, October 4th. Deutsche Bank initiated coverage on Sinclair Broadcast Group in a research report on Friday, October 20th. They set a buy rating and a $46.00 price target on the stock. Finally, FBR & Co initiated coverage on Sinclair Broadcast Group in a research report on Tuesday, October 31st. They set a buy rating and a $43.00 price target on the stock. One analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. The company currently has a consensus rating of Buy and a consensus price target of $45.17.

Sinclair Broadcast Group (NASDAQ SBGI) traded up $0.70 on Thursday, hitting $37.35. The company’s stock had a trading volume of 1,811,438 shares, compared to its average volume of 1,702,119. Sinclair Broadcast Group has a 1 year low of $26.70 and a 1 year high of $43.05. The firm has a market cap of $3,703.37, a P/E ratio of 15.36, a price-to-earnings-growth ratio of 9.10 and a beta of 1.92. The company has a debt-to-equity ratio of 3.51, a current ratio of 1.74 and a quick ratio of 1.74.

Sinclair Broadcast Group (NASDAQ:SBGI) last released its earnings results on Wednesday, November 1st. The company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.13). The company had revenue of $670.90 million during the quarter, compared to analyst estimates of $671.42 million. Sinclair Broadcast Group had a net margin of 9.06% and a return on equity of 23.27%. Sinclair Broadcast Group’s revenue was down 3.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.54 EPS. research analysts expect that Sinclair Broadcast Group will post 2 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.93%. The ex-dividend date is Thursday, November 30th. Sinclair Broadcast Group’s dividend payout ratio (DPR) is currently 27.07%.

In other Sinclair Broadcast Group news, Director Howard E. Friedman sold 1,010 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $31.98, for a total transaction of $32,299.80. Following the completion of the transaction, the director now directly owns 10,990 shares in the company, valued at $351,460.20. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 28.20% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in SBGI. Principal Financial Group Inc. increased its holdings in shares of Sinclair Broadcast Group by 201.3% during the second quarter. Principal Financial Group Inc. now owns 4,113,294 shares of the company’s stock worth $135,326,000 after buying an additional 2,748,201 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Sinclair Broadcast Group by 30.0% during the second quarter. Bank of New York Mellon Corp now owns 7,751,184 shares of the company’s stock worth $255,014,000 after buying an additional 1,789,969 shares in the last quarter. Prudential Financial Inc. increased its holdings in shares of Sinclair Broadcast Group by 436.6% during the third quarter. Prudential Financial Inc. now owns 1,154,448 shares of the company’s stock worth $37,001,000 after buying an additional 939,289 shares in the last quarter. Royal Bank of Canada increased its holdings in shares of Sinclair Broadcast Group by 4,036.0% during the second quarter. Royal Bank of Canada now owns 830,350 shares of the company’s stock worth $27,317,000 after buying an additional 810,274 shares in the last quarter. Finally, Nordea Investment Management AB acquired a new stake in Sinclair Broadcast Group in the second quarter valued at $26,002,000. Institutional investors and hedge funds own 84.80% of the company’s stock.

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Sinclair Broadcast Group Company Profile

Sinclair Broadcast Group, Inc is a television broadcasting company. The Company focuses on providing content on its local television stations and digital platforms. The Company’s segments are broadcast, other and corporate. The Broadcast segment consists of its broadcast television stations. The content distributed through its broadcast platform consists of programming provided by third-party networks and syndicators, local news, it owns networks, and other original programming produced by it.

Analyst Recommendations for Sinclair Broadcast Group (NASDAQ:SBGI)

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